Bitcoin plunges again, and recent decline gradually emerges

The price of Bitcoin fell again in the Asian session on Tuesday (November 24). After experiencing the previous surge, the recent downward trend has gradually emerged.

The quotes released by BITSTAMP show that Bitcoin/US dollar (XBT/USD) rebounded to above 325 yesterday, but then encountered selling pressure, and even plummeted to 318 in the Asian session of this trading day.

(Bitcoin/US dollar time-sharing chart Source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN show that Bitcoin/Euro (XBT/EUR) rebounded to near the 307 level yesterday, but then began to fall, and even plummeted to the 299 level in the Asian session of this trading day.

(Bitcoin/Euro time-sharing chart Source: Bloomberg, FX168 Financial Network)

The quotes released by Huobi.com showed that Bitcoin/CNY rebounded yesterday and approached the 2090 level, but then fell again. In this trading day's Asian session, it once plunged to the 2023 line.

(Bitcoin/RMB 30-minute chart Source: Huobi.com)

     In terms of industry, the Financial Services Agency of Japan recently held a discussion meeting with participants including virtual currency exchange operators and Bitcoin experts. It is reported that the Japanese government will launch a regulatory bill for digital currencies (including Bitcoin) after completing its extensive research on digital currencies and dealing with the Mt.Gox incident.

     “We must conduct research on how the government should regulate the use of virtual currencies,” Aso was quoted by The Japan Times as saying at a news conference.

     Japan’s Financial Services Agency is reportedly planning to introduce a regulation early next year in response to the regulatory vacuum left by the arrest of Mt. Gox CEO Kepler.

     At 13:01 Beijing time on November 24, Bitcoin/USD was 320.00, Bitcoin/Euro was 302.65, and Bitcoin/CNY was 2052.00.